Acquisition of Cathedral

Hansa Trust PLC
29 November 2002


               HANSA TRUST ACQUIRES 7.8% OF CATHEDRAL CAPITAL PLC

PRESS RELEASE
For immediate release
29 November 2002



Hansa Trust PLC, the special situations investment trust, is pleased to announce
that it has participated in the recent fundraising by Cathedral Capital PLC ('
Cathedral'), an unquoted integrated Lloyd's vehicle.  It has acquired a total of
6,153,000 shares at a price of 65p per share, which represents 7.8% of the
enlarged share capital of Cathedral.

This £4m investment represents approximately 5% of the Hansa Trust's portfolio
and increases the level of direct investment in the insurance sector to
approximately 24% of the total assets.

Background on Cathedral

Cathedral is the holding company for an insurance group, which includes a
Lloyd's managing agency, managing both a Lloyd's Syndicate (2010) and a
corporate member at Lloyd's.  The Syndicate's highly focussed core business
lines are Aviation Reinsurance and North American Regional Property Catastrophe
business and it is a market leader in these sectors.  The Syndicate started
trading as a direct participant in the Lloyd's market for the 2001 Year of
Account.

Cathedral has raised approximately £30m in this fundraising, which will enable
Syndicate (2010) to increase its capacity to £160m for the 2003 year of account,
thereby taking full advantage of exceptional market conditions.



CONTACTS

Peter Gardner, Hansa Trust                    020 7647 5757
David Haggie, Haggie Financial Limited        020 7417 8989



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